StarHub To Acquire Stake In MM2 Asia
Singapore – Singapore Exchange Mainboard-listed StarHub Ltd (StarHub) is looking to take a 9.05% per cent stake in Catalist-listed mm2 Asia Ltd (mm2 Asia) for $18,040,000. The agreement between the two companies was signed today.
Headquartered in Singapore, mm2 Asia is a producer of content for TV and online platforms, and films. mm2 Asia also has a presence in China, Hong Kong, Malaysia and Taiwan through its group of companies and/or strategic working partnerships. mm2 Asia has co-produced and/or distributed more than 50 films across Asia since 2008.
StarHub has been partnering mm2 Asia since 2012, through successful investments in the Ah Boys To Men and Lion Men movie series which were co-produced by mm2 Asia. The two companies are currently collaborating on Hear Me Sing, an online Chinese singing competition to be launched in April, presented by StarHub and produced by mm2 Asia.
Mr Tan Tong Hai, CEO of StarHub, said: “Taking a stake in mm2 is a strategic move. It unlocks opportunities to expand our pay TV offerings through original content creation that will set us apart in the cluttered content space. mm2 can also potentially extend the reach of our localised content through marketing and distribution efforts beyond Singapore shores. In addition, we may choose to tap on mm2’s cineplex business to showcase our content, as well as gain access to top-rated concerts and artistes through UnUsUaL of which mm2 owns a stake.”
Mr Melvin Ang, CEO of mm2 Asia, said: “We're honoured to have StarHub as one of our shareholders. For many years, mm2 has been working closely with StarHub across many areas. This equity participation by StarHub in mm2 cements our working relationship and is a significant endorsement for our company. Leveraging StarHub's multiple platforms, this strategic partnership would further strengthen our ability to create 360-degree content for our target audience. We're confident StarHub will play an important role in mm2’s progress to forge a greater regional presence in the media industry.”
StarHub’s acquisition of a stake in mm2 Asia is expected to be completed in May 2016, subject to the fulfillment of mutually-agreed conditions.